Last week the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled 0.9% lower over the five days to end at 6,708.2 points.
While a good number of shares dropped lower with the market, some fell more than most. Here’s why these were the worst performers on the ASX 200 last week:
Austal Limited (ASX: ASB)
The Austal share price was the worst performer on the ASX 200 last week with a 7.8% decline. A portion of this decline can be attributed to its shares trading ex-dividend last week for the shipbuilder’s interim dividend. This dividend will be paid to eligible shareholders next month on 22 April. In other news, Austal delivered its ninth guardian-class patrol boat to the Australian Department of Defence.
Nufarm Ltd (ASX: NUF)
The Nufarm share price wasn’t far behind with a disappointing 6.8% decline over the five days. This was despite there being no news out of the agricultural chemical company last week. In fact, not even a positive broker note out of Citi could stop the Nufarm share price from sliding over the five days. Its analysts have retained their buy rating and $5.40 price target.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price was out of form last week and dropped 6.5% over the period. Concerns about iron ore moving from a deficit into a surplus in the near future has been weighing on the company’s shares. For example, Goldman Sachs is now forecasting a 23Mt surplus next year compared to an 8Mt deficit previously. This is likely to put pressure on the sky high prices that the steel making ingredient is commanding. For the same reason, fellow mining giants BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) were the next worst performers with declines of 6.4% and 5.9%, respectively.
Perenti Global Ltd (ASX: PRN)
The Perenti share price was a poor performer and fell 5.8% over the five days. As with Austal, some of this decline is attributable to the engineering company’s shares trading ex-dividend last week for its interim dividend. Eligible shareholders will receive its 3.5 cents per share dividend next month on 7 April.